Updated Resources and Guidance from the IRS

Year-end delay for advanced payments of employer credits Due to standard end-of-year close out, employers will experience a delay in receiving payments associated with Forms 7200, Advance Payment of Employer Credits, processed between late-December and mid-January. The IRS will continue to accept and process valid Forms 7200 during this time, but the processing of payments […]

Updated Guidance and Resources from the IRS

2020 National Tax Security Awareness Week – November 30 through December 4 The IRS, state tax agencies and the nation’s tax industry announced their 5th Annual National Tax Security Awareness Week will take place between November 30 and December 4. This year there’s a heightened need for security as fraudsters seek to use the COVID-19 […]

Updated Resources and Guidance from the IRS

IRS reminds businesses to e-file payroll tax returns The IRS urges payroll professionals and businesses to use the speed and convenience of filing payroll tax returns (Forms 940, 941, 943, 944 or 945) electronically. An IRS new release (click here) provides information on business e-file and the two options for electronically filing payroll tax returns. […]

Updated Resources and Guidance from the IRS

October 15 deadline nears for taxpayers who requested tax filing extensions For taxpayers who filed an extension, the October 15, 2020, due date to file their 2019 tax return is near. Taxpayers should file their tax returns on or before the October 15 deadline. An IRS news release on this topic includes information and links […]

Unemployment Insurance Tax Increases Looming, As Are Challenges in Addressing Them

Not surprisingly, the health of the Unemployment Trust Fund and the taxes on employers required to maintain it are shaping up to be significant issues for Vermont employers going into 2021.  Unfortunately, the end of the recent legislative session shows that dealing with these issues will be challenging.  AIV will be leading efforts to address […]

Updated Resources and Guidance from the IRS

Guidance on deferring certain employee Social Security tax withholding Notice 2020-65 provides guidance to employers for allowing deferred withholding and payment of an employee’s portion of the Social Security tax if their wages are below a certain amount. This relief generally applies to wages paid between September 1, 2020, through December 31, 2020.  Click here. […]

Updated Resources and Guidance from the IRS

IRS approves digital signatures for certain forms To protect the health of taxpayers and tax professionals, the Internal Revenue Service announced on August 28 it will temporarily allow the use of digital signatures on certain forms that cannot be filed electronically (click here).  The change will help to reduce in-person contact and lessen the risk […]

Webinar: What Manufacturers Need to Know About Payroll Tax Deferral

AIV’s national allies and partners at NAM are hosting a webinar this Wednesday September 2 from 3:00 to 3:45 pm to discuss President’s executive order on the deferral of employee payroll tax obligations and the recently-released guidance to implement this policy, which takes effect this week.  It will provide an overview of the policy and […]

Updated Guidance and Resources from the IRS

Families First Coronavirus Response Act: Guidance on reporting qualified leave wages Notice 2020-54 (click here) provides guidance to employers on the requirement to report the amount of qualified sick leave wages and qualified family leave wages paid to employees under the Families First Coronavirus Response. Employers are required to report these amounts either on Form […]